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EUR/JPY hiding at 137.00 pivot

FXStreet (Moscow) - EUR/JPY is consolidating right above 137.00 pivot. The cross is locked in a narrow 15-pips range in Asia

On recovery mode

EUR/JPY continued to grind higher into mid-137.00 on Monday due to improved risk sentiments, but returned to 137.06 by the end of the day. While EUR/USD was pressed to the downside the demonstrated more tighter correlation with JPY sentiments. Without much on European calendar to chew on, the cross might continue to consolidate with bullish bias. Japenese leading indicator is expected to come out soon, though it is likely to be passed unnoticed. In terms of longer term economic consequences they may signal that Abenomics effect is waning, which is obviously JPY-negative. On the intraday basis keep an eye at 137.30 as we need a clear break higher to extend the upside to 137.50. On the downside the initial support is seen at 137.00 en route to 136.80.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 137.08, with support below at 136.88, 136.68 and 135.48, with resistance above at 137.28, 137.48, and 137.68. Hourly Moving Averages are mixed with the 200SMA bullish at 136.80 and the daily 20EMA neural at 137.14. Hourly RSI is bearish at 47

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